Assume equations 1 and 2 below were estimated from the data gathered that will represent the demand and supply functions respectively of an individual buyer and seller respectively for product X. de = 65,000 - 11.25Px + 15Py - 3.75.!r + 7.511 Eq. 1 05,; = 7,500 + 14.25Px 15F}. 3.756 Eq. 2 where Pg - price of product X; Pr m price of product Y; i - average consumer's income; A - advertising expenditure; P2 price of product Z; and C cost of production. Use the following additional information: the price of a related product, Y, is P4125; the average consumer's income is P12,000; advertising expenditure is P2,500; the price of product Z is P90; and the cost of production is P1200. There are 30 identical buyers and 50 identical sellers in the market for product X. A. gas-racers?! Is product if a normal or an inferior product? Justify. B. How are product X and product Y related for the buyer? Explain. C. D. Using the market demand function, what is P, that will make all the buyers stop On the part of the seller, what kind product Z is? purchasing this product? Round-up to two decimals. What is the interpretation of the parameter a of the market demand function? What is the interpretation of the parameter b of the market demand function? . What is the interpretation of the parameter d of the market supply function? . What is the market price of product X? Round-up to two decimals. What is the equilibrium quantity in this market? What is the price range that will result to a surplus in the market? What is the price range that will result to a shortage in the market? If the government will intervene in this market and imposes that the minimum price will be 20% more than the market price, L. How much would be the quantity demanded? Round-up to two decimals. M. How much would be the quantity supplied? Round-up to two decimals. N. From L and M, what is the condition in the market? Explain concisely. If the new supply equation will be 05', = 26,250 + 712.50P'x, 0. P. Q. What would be the new equilibrium price (round-up to two decimals)? How many of this product will be bought and sold at this new market price? Round-up to two decimals. What is the specic reason for this change in supply